Any property or asset which a person owns is considered as his/her estate. All the estate is distributed among the people who inherit it after the death of the person. If the person prefers to have a will, then the names in the will represent the owner of those assets but if not then the court decides who will get all the estates. Estates + Trust works together as trust being an agreement with the name of the person who is going to get the assets after the death of the estate’s owner. The person mentioned in the trust is referred as grantor and holds certain responsibilities. The grantor has to sign on the agreement so that after the death of the estate’s owner, he/she has the proof of getting the inherited estate.
There are different types of estates + trust which can be handed to others but the most common one is the living trust. It is transferring the ownership of your estate while you are alive and when you pass away, others get to deal with it. The people who build the living trust do not have to go through the court proceedings when the estate owner passes away.
Understanding the Estates
The estates may include your bank account, car, house and property which are named after you. These things work just as an estate for you and you have to create a will in order to transfer these estates to someone else after your death. It gives you the security that your estates will be owned by a responsible person and won’t be wasted. Mostly the parents hand their estates to their children and make the will out of it so that their children can take care of the things before it results into any kind of dispute. It makes the life easier for the inherits to own the things and distribute them equally.
An attorney is able to make the will for you upon your request and can make it according to your needs. Estates + trust issues and matters are handled by the attorneys very well so you should consider to include them in getting an authenticated document for you. Prefer to inform the trustee in the will that you have the estates on their name after your death so that there are no misunderstandings on the other end.
Why planning is necessary?
End of life planning is important because you never know when death can strike you so consider to make your children or spouses future secure with the estates you own. The court takes it take when it is the matter of settling the estates of the dead person. Even if you have created a will, it will not exempt the court proceeding for the people who have your will. It surely makes the things a lot easier but no one is able to avoid the court processing. Make sure to mention each of the assets in the will which you want to give it to someone whom you love after you die so that people do not end up fighting on the things.
Who are beneficiaries?
You can also the beneficiaries name on the bank accounts so that the funds can be handled by them. It helps to avoid the court proceedings in transferring the money to you even if it is not mentioned in the will. Make it simple with mentioning at least one beneficiary name so that you can make the process easier for the people who look after your estates.
Many times people forget about the accounts and the money is owned by the banks without anyone knowing of it. So make sure to keep it secure for your spouse/children after you die and they are able to use the money with mentioning their name as the beneficiary. It is always better to prepared which many people do not understand but this information is necessary for everyone today or for future.
The entire processing of estates + trust takes time and before you reach your retirement, it is always better to head for this direction. The heirlooms can become a big issue for the family after a person’s death and fights occur on the things so to avoid the disturbance in the family after you pass away, it is always better to take the wise decision before it’s too late.
